Mortgages, Regulatory Requirements, Regulatory Oversight

Fannie Mae Updates Preferred Equity Guidelines: What You Need to Know

Miles & Stockbridge P.C. on 4/29/2025

Fannie Mae published its Preferred Equity Guide Update (25-06) and its Preferred Equity Checklist (Form 6441) in mid-April. Although unpublished iterations have been circulating for the past two years, lenders and law firms...more

VA Announces Wind Down of VASP Program and VA Home Retention Waterfall

Alston & Bird on 4/28/2025

What Happened? On April 23, 2025, the U.S. Department of Veterans Affairs (VA) issued Circular 26-25-2 (the Circular), which announces that the VA’s Veterans Affairs Servicing Purchase (VASP) program is winding down. As of...more

VA Winding Down VASP Program

Ballard Spahr LLP on 4/28/2025

As previously reported, last year the U.S. Department of Veterans Affairs (VA) launched a Veterans Affairs Servicing Purchase (VASP) program, which VA characterized as a “last-resort tool” for VA home loan borrowers facing...more

HUD further revises servicing and claims requirements and loss mitigation options

Ballard Spahr LLP on 4/23/2025

In January 2025 the U.S. Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2025-06 revising servicing and claims requirements and loss mitigation options for FHA insured mortgage loans effective...more

Update on Maryland Licensing Guidance: A “Fix” In The Works?

Mayer Brown on 4/22/2025

In a prior Legal Update, we discussed the introduction of legislation in the Maryland General Assembly that would amend Maryland law to address guidance issued by the Maryland Office of Financial Regulation (“OFR”). That...more

Revising the Regulatory Definition of a Qualified Mortgage

Mayer Brown on 2/20/2020

When the federal Consumer Financial Protection Bureau (“CFPB”) last summer issued its Advance Notice of Proposed Rule Making (“ANPR”) to revise the definition of a “Qualified Mortgage” (“QM”) under the Dodd-Frank Act’s...more

2020 NMLS Annual Conference & Training: Reminder to Submit Agenda Items to NMLS Ombudsman

Ballard Spahr LLP on 1/28/2020

For the upcoming 2020 NMLS Annual Conference & Training taking place February 18-21 in San Francisco, individuals are reminded to submit discussion items to the NMLS Ombudsman by Friday, January 24, to be addressed during an...more

CFPB Updates HMDA Guide

Ballard Spahr LLP on 1/27/2020

As previously reported, in October 2019 the CFPB issued a final rule under the Home Mortgage Disclosure Act (HMDA) to...more

NMLS Reinstatement Period Now Open Through February 29

Ballard Spahr LLP on 1/13/2020

The NMLS Reinstatement Period began on January 2, 2020, and will end on February 29, 2020. This period allows individuals and companies that failed to renew their licenses by December 31 to request renewal. ...more

NMLS Policy Guidebook Adds Temporary Authority Section

Ballard Spahr LLP on 12/6/2019

On November 23, 2019, an updated version of the NMLS Policy Guidebook was posted to the NMLS Resource Center. It includes a new section on Temporary Authority to Operate (TA) that provides technical guidance for qualified...more

NMLS Renewal Underway and Renewal Changes for Nevada Licensees

Ballard Spahr LLP on 11/11/2019

The NMLS renewal period for licensees began last week on November 1 and continues through December 31. For Nevada licensees, according to an update from the Nevada Division of Mortgage Lending...more

CFPB Issues Final HMDA Rule (2019 Update)

Ballard Spahr LLP on 10/11/2019

The CFPB recently issued in final form two elements of a May 2019 Home Mortgage Disclosure Act (HMDA) proposed rule. As previously reported, the May 2019 proposal would...more

South Dakota Adds Non-Residential Mortgage Lender Licenses to NMLS

Ballard Spahr LLP on 7/29/2019

South Dakota Adds Non-Residential Mortgage Lender Licenses to NMLS - South Dakota added its Non-Residential Mortgage Lender License to NMLS on July 15, 2019. ...more

Minnesota Revises Licensing Requirements Effective August 1, 2019

Ballard Spahr LLP on 5/30/2019

Minnesota has revised its Residential Mortgage Originator and Servicer Licensing Act to provide an exemption from residential mortgage originator licensure requirements for a "manufactured home dealer" and "manufactured home...more

North Dakota Modifies Surety Bond Requirements

Ballard Spahr LLP on 3/22/2019

North Dakota has modified the surety bond requirements under the Money Brokers Act. Presently, the law requires a surety bond in an amount not less than $25,000. N.D. Cent. Code Section 13-04.1-04.01(1). Effective August 1,...more

CFPB Revised Loan Originator Rule and HOEPA Rule Guides

Ballard Spahr LLP on 11/19/2018

The CFPB recently issued revised versions of the small entity compliance guides for the Loan Originator Rule and the Home Ownership and Equity Protection Act (HOEPA) Rule....more

NMLS Renewal Period Now Open

Ballard Spahr LLP on 11/12/2018

A reminder that the NMLS license renewal period opened on November 1, and that there is an Annual Renewal Information section on the NMLS Resource Center website with detailed information regarding deadlines, requirements,...more

Illinois Adds Exemption and Company Registration Process for Independent Loan Processing Entities

Ballard Spahr LLP on 8/31/2018

Effective immediately, Illinois has amended the Residential Mortgage License Act to exempt any entity engaged solely in providing independent contractor loan processing services through the sponsoring of individual licensees....more

CFPB publishes annual CARD Act, HOEPA, QM adjustments

Ballard Spahr LLP on 8/28/2018

The CFPB has published a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z (TILA) that implement the CARD Act, HOEPA, and the ability to repay/qualified mortgage...more

Corporate Insurance Newsletter – July 2018

Hogan Lovells on 8/16/2018

The Hogan Lovells’ Corporate Insurance Newsletter for July has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. ...more

CFPB Issues HMDA File Verification Tool

Ballard Spahr LLP on 8/13/2018

The CFPB recently released a File Format Verification Tool for 2018 Home Mortgage Disclosure Act (HMDA) data. As we reported, in October 2015, the CFPB adopted significant changes to the HMDA rules that significantly expanded...more

Washington Amends Mortgage Servicing Regulations

Ballard Spahr LLP on 8/7/2018

The Washington Department of Financial Institutions (DFI) amended its regulations under the Consumer Loan Act, effective September 1, 2018. Changes are made to a variety of provisions, including licensing coverage and various...more

House Financial Services Committee passes bills to enhance sharing of information about bank vendors by regulators; create...

Ballard Spahr LLP on 7/26/2018

This week, these three bills were passed by the House Financial Services Committee. The first two bills were passed by unanimous votes and the third bill was passed by a vote of 34-22....more

Orrick's Financial Industry Week In Review

Orrick, Herrington & Sutcliffe LLP on 7/20/2018

U.S. Financial Industry Developments - LIBOR "Transition" - While there is a way to go until the end of 2021 when panel banks will no longer be required to provide LIBOR quotes to the FCA, we expect to see more and more...more

North Carolina to Accept Electronic Surety Bonds

Ballard Spahr LLP on 6/11/2018

The North Carolina Commissioner of Banks Office has begun receiving new and converted Electronic Surety Bonds (ESB) through NMLS for its mortgage broker, mortgage lender, and mortgage servicer licenses....more

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